Find out how a TFSA can help you reach your savings goals faster with this video.
Saving for a vacation, wedding, rainy-day or another short-term goal?
Saving for a down payment, car, or home renovations or another medium-term goal?
Saving up to retire, for your child’s education, to buy a second property or achieve another long-term goal?
A Scotiabank TFSA can help you reach your goals sooner.
You can hold a variety of saving and investment products in it like: cash, GICs, mutual funds, and even stocks and bonds.
And best of all, any investment income you earn is completely tax-free.
A Scotiabank TFSA is a simple, flexible way to save and grow your money.
You can use a TFSA for any reason, and you can withdraw your money at any time, without penalty. Whatever you withdraw, you can re-contribute the following year.
It’s never too late to start – your unused contribution room is carried forward indefinitely.
And every year you get new contribution room allowing you to save even more.
A Scotiabank TFSA complements your other savings plans, for example, withdrawing for a down payment rather than using your RSP means no paying back and no impact to the growth of your retirement savings.
Your unused contribution room is carried forward and continues to grow throughout your lifetime.
You can withdraw your money at any time, without penalty. Whatever you withdraw, you can re-contribute the following year.
You can also contribute to your spouse or partner’s TFSA without affecting your own contribution room.
If you’ve maximized your RRSP contributions or RESPs, but want to keep saving, a TFSA is ideal.
You can withdraw from your TFSAs at any time. Whatever you withdraw, you can re-contribute the following year, as long as you are within your contribution limits.
Unlike RRSPs, you don’t have to collapse a TFSA or stop contributing at a certain age.
Income earned within the TFSA will not affect those Government benefits and credits impacted by income
A TFSA is also great for saving extra income from RIFs and pensions.
Let’s look at an example of what a TFSA can do for you, using the information you gave us.
Take your initial investment of $500, and put it in a TFSA.
Every month, make your contribution of $100.
Your investment would have grown to $2,967 based on your rate and timeframe.
Compared to a non registered plan, you would have saved approximately $20 in taxes.
Assumes using the marginal tax rate for $50,000 annual income.
You can open a TFSA quickly online, easily in person at a Scotiabank branch, or over the phone.
Depositing and withdrawing is easy – you can sign in to Scotiabank online and make contributions from your computer, tablet, or phone.
You can also sign up for pre-authorized contributions, and save automatically in your TFSA.
Whatever your financial goals, saving in a Scotiabank TFSA can help you reach them. Talk to us today.